Nishad Singh told a jury on Monday that his September meeting with Bankman-Fired was the first time he realized that Alameda, FTX’s sister trading firm, had spent billions of dollars of FTX user deposits, and had left a gaping hole in both companies’ balance sheets. Source
The estate belonging to the now-defunct crypto exchange FTX was just spotted staking over $144 million worth of Ethereum (ETH) rival Solana (SOL) as the firm’s bankruptcy process unfolds. According to blockchain explorer SolanaFM, the address associated with FTX and its trading arm Alameda Research created a new stake of 5,546,217.04 SOL tokens. Analysis from pseudonymous on-chain researcher Ashpool suggests FTX subsequently staked all of the tokens through Figment, a digital asset staking service built for institutions. According to Figment, Robinhood, Binance.US and Anchorage Digital also stake through the platform.…
The Singapore entity for Upbit, South Korea’s largest exchange by volume, has been given in-principal approval for a Major Payment Institution (MPI) license in Singapore. On Oct. 16, Upbit Singapore said the Monetary Authority of Singapore (MAS) gave the in-principle license nod, allowing it to continue with digital payment token services to institutional investors while awaiting its full license. Upbit Singapore founder and CEO Alex Kim said in a statement that the firm was founded in 2018 but called the recent approval a strategic milestone for it to deepen its…
Top US crypto exchange Coinbase is attempting to force the U.S. Securities and Exchange Commission (SEC) to respond to a rulemaking petition created by the firm last year. Coinbase chief legal officer Paul Grewal tells his 50,100 followers on the social media platform X that the crypto company is asking the SEC to clarify exactly how securities laws apply to digital assets. According to Grewal, the SEC’s previous update on the matter wasn’t good enough and Coinbase wants a proper response within 30 days. “We’ve filed our response with the…
Binance’s US arm is updating the way it lists crypto assets by giving traders advance notice when it is considering adding trading support for a new token. Binance.US says the new procedure aims to provide additional transparency to its listing process. The first asset the exchange is evaluating with the new process is the native token of the recently launched layer-1 blockchain Sui Network (SUI). Sui Network’s mainnet first went live in early May. The project is an Aptos (APT) rival and uses the same coding language, Move, which was…
Luxury carmaker Ferrari is set to revolutionize its payment options by accepting cryptocurrency for purchases in the U.S., a report by Reuters said. Ferrari’s Chief Marketing and Commercial Officer, Enrico Galliera, highlighted the move as a strategic effort to connect with a broader audience, including those who may not traditionally be Ferrari clients but have invested in cryptocurrencies. To facilitate cryptocurrency transactions, Ferrari has partnered with BitPay, a renowned cryptocurrency payment processor. Bitcoin, ether, and the stablecoin USDC will be among the accepted digital currencies, with the caveat that they…
A brand-new gaming altcoin has ripped by more than 267% this week after listings on multiple top crypto exchanges. Big Time (BIGTIME) is a free-to-play multiplayer action RPG game that launched its preseason on Tuesday after years of development. The BIGTIME token, which powers Big Time’s economy, also debuted this week, soaring from around $0.0709 on Tuesday to around $0.26 at time of writing. The asset also briefly reached a high of more than $0.333 at one point on Thursday morning. The token’s astronomical gains materialized after a slew of…
Podcast review platform Podbam has just released its 2023 list of the top podcasts covering cryptocurrencies and blockchain technology. As the crypto space continues evolving at lightning speed, podcasts have become an invaluable resource for anyone looking to understand the latest concepts, innovations, and market developments. With new cryptocurrencies, decentralized apps, regulations, and trends emerging constantly, podcasts enable learning on the go about everything from DeFi and NFTs to Bitcoin and Ethereum. To help listeners stay up-to-date, Podbam compiled the 17 best crypto podcasts to follow in 2023 based on…
Despite historically low returns in September, Bitcoin (BTC) ended the past month exceptionally well. Unfortunately, the same cannot be said for major centralized cryptocurrency exchanges whose spot trading volumes have declined for another consecutive month. According to data gathered by Finance Magnates Intelligence, the total turnover for the TOP 10 exchanges shrank by nearly $90 billion, or 25%. The decline was even more severe on a yearly scale, amounting to 68%. So far, it was the worst month in terms of volumes since the beginning of 2023. The total volume…
Top stablecoin USDT is witnessing a surge in on-chain activity, according to the crypto analytics firm Santiment. Santiment notes that USDT, which is issued by Tether and aims to maintain to maintain a 1:1 peg with the US dollar, recently notched a three-month high in active addresses, in large part due to an increase in exchange deposits. Earlier this week, Santiment noted that the amount of USDT on exchanges had reached a level last seen in March 2023, giving a boost to the “buying power” of crypto investors. USDT had…